SolarMax reports Q3 EPS (4c) vs (21c) last year

Reports Q3 revenue $30.6M vs $6.3M last year. David Hsu, CEO of SolarMax (SMXT), stated, “Our third-quarter performance highlighted by the recognition of our first revenues from the Texas battery storage project announced in July. While the $24.1 million we recognized in the third quarter did not generate significant gross profit due to the accounting treatment for this engineering, procurement and construction industrial project, it represents a meaningful milestone in the execution of our marketing effort to industrial projects. We expect gross profit to begin catching up with revenue as project milestones are completed.”